Industry News

E-Loan acquisition validates online lending model

Founder says bank's purchase 'a vote of confidence'
Published on Aug 3, 2005

The move on the part of Puerto Rico's largest bank to acquire E-Loan for about $300 million gives added credibility to the consumer-direct online lending model, E-Loan's founder said. Popular Inc., a Puerto Rico-based full services financial services provider with 130 branches in the United States, is the 34th largest institution in the U.S. and has $45 billion in assets, Chris Larsen, founder of E-Loan, said in an interview this morning. "We're very excited to be a part of the team," Larsen said, speaking from New York. The transaction, announced this morning, "is a vote of confidence in the future of financial retailing and lending directly to consumers," Larsen said. "We've always believed this is the way all consumers are going to be getting loans. It's transparent and efficient. That's a long-term enduring trend that Popular has clearly seen," Larsen said. Larsen characterized his company's direct-to-consumer approach as "the clear trend." E-Loan originated more than $5 bil...

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